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Brigitte Young

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Brigitte Young

The chapter focuses on the shift to unconventional monetary policies of central banks since the financial crisis of 2007/08, arguing that these policies have increased the private wealth of predominantly males resulting in highly unequal distributional outcomes. Quantitative Easing has increased the values of assets (stocks, bonds, mutual funds), and thus benefited mostly those who own risky investments, have higher education, higher income and inherited wealth. What is new is that the macroeconomic shift to a finance-dominated capitalism (financialization) has changed the parameters of how monetary policies set by the central banks have shaped asymmetric distributional outcomes. Not only has the disciplinary power and dominance of financialization increased inequality, central bank monetary policies have inadvertently led to an unacceptable structure of gendered inequality and social exclusion.